The Ontario Court of Appeal has announced in a public statement that it has set aside the Ontario Securities Commission’s (OSC) request for documents from Binance, ruling that it violated the Charter’s protection against unreasonable search and seizure.
Binance Holdings Limited had appealed an Ontario Divisional Court ruling that upheld an expansive document summons issued by the OSC as part of an ongoing regulatory inquiry into the company’s operations in Canada. According to the Ontario Court of Appeal, the summons was overly broad and lacked reasonable limits tied to the investigation’s scope, leading to its decision to set aside the earlier order as inconsistent with established principles of proportionality.
The OSC's proposed framework for distributing funds from disgorgement orders to harmed investors has faced criticism due to its complexity and cost structure. Legal analysts say this approach could delay restitution and reduce transparency around how recovered investor funds are prioritized. Administrative expenses for each distribution would first be paid from sanction money, then from unrelated settlement funds, and only finally from the disgorged amount itself.
Binance's 2024 end-of-year report revealed significant growth, with the platform surpassing 250 million registered users globally. The company added 50 million users in just six months and achieved a cumulative trading volume of approximately US$100 trillion. Binance highlighted its continued investment in compliance systems, blockchain education, and regional partnerships aimed at improving transparency and expanding secure digital-asset access across regulated markets worldwide.
The Ontario Court of Appeal, headquartered in Toronto, is Ontario’s highest appellate court and serves as a cornerstone of the province’s judicial system. Led by Chief Justice Michael H. Tulloch, it hears appeals in criminal, civil, and constitutional matters, shaping precedent for all lower courts in the province. Its decisions influence the evolution of administrative, regulatory, and human-rights law across Canada.